Market Trends and Insights
The stock market has been experiencing a downturn for the third consecutive session, with a 0.32 percent decline and a negative market breadth. Despite this, there are opportunities for growth and rebound. Here are some key stocks to consider for short-term trading:
Stocks to Buy
- ICICI Prudential Life: This stock has shown a decisive breakout above a downward-sloping trendline, signaling a shift in trend. With a strong bullish structure and improving momentum, it's a good time to accumulate the stock in the zone of Rs 645–640 with a stop-loss at Rs 620. Target: Rs 685
- Hindustan Zinc: On the verge of a breakout from a symmetrical triangle pattern near the Rs 515 level, this stock is poised to move toward Rs 555 in the near term. With strong support from the 21- and 50-DMA, it's a good buy opportunity. Target: Rs 555
- Cummins India: Despite the broader market sell-off, Cummins India has shown resilience and is sustaining above the 21 EMA, confirming a strong positive trend. With robust price momentum and healthy volume, it's expected to move toward Rs 4,800. Target: Rs 4,800
Stocks to Sell
- Nykaa: This stock has broken down from its upward-sloping trendline, signaling a shift in momentum. With sustained near-term weakness and bearish pressure, it's a good time to sell the stock in the zone of Rs 247–250 with a stop-loss at Rs 258. Target: Rs 225
- Paytm: On the verge of a breakdown from a rising wedge pattern, Paytm is likely to confirm the pattern breakdown with a move below Rs 1,250. With bearish momentum and a buildup of fresh short positions, it's a good sell opportunity. Target: Rs 1,150
- CDSL: This stock has slipped below the 200 DMA, indicating a bearish trend in the medium to long term. With a bearish crossover and declining RSI, it's expected to decline toward Rs 1,430. Target: Rs 1,430
Remember to always do your own research and consider your risk tolerance before making any investment decisions. These insights are based on technical analysis and market trends, but it's essential to stay up-to-date with the latest news and developments in the stock market.